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Glencore Xstrata trades on South African bourse

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Glencore Xstrata trades on South African bourse
Photo: AFP/Getty Images
18:03 CET+01:00
Shares in Switzerland-based global mining and commodities giant Glencore Xstrata traded for the first time on the Johannesburg Stock Exchange on Wednesday.

"Our listing on the JSE is a significant step for Glencore," said chief executive officer Ivan Glasenberg.
   
With a global market capitalization of 732 billion rand (about $70 billion), the Zug-based company is among the top three largest listed on the exchange.
   
The listing "not only deepens our relationship with South Africa, it highlights our confidence in Africa as a place to invest," said Glasenberg in a statement.
   
This will be Glencore's third listing with its primary listing on the London Stock Exchange (LSE) and having a secondary quote on the Hong Kong Stock Exchange (HKEx).
   
Glencore, which runs more than 150 mines, offshore oil production assets and agricultural outfits worldwide, operates ferrochrome, platinum group metals and coal mines in South Africa.
   
The head of JSE, Nicky Newton-King, welcomed the listing as a "huge accolade" for the exchange and "reflects well on South African financial markets."
   
Glencore is the tenth company to be list on the JSE since the beginning of the year.

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